This week began with a decline in trading volumes in the non-fungible token (NFT) market due to negative trends in the cryptocurrency market. In the past seven days, NFT sales volume was over $102 million, down 19.88% from the previous week.
Overall Decline in NFT Sales Volume
The decrease in NFT sales volume coincides with a downturn in the cryptocurrency market, where Bitcoin dropped to $111K and Ethereum to $4,300. Investors are temporarily stepping back from riskier assets.
Cryptocurrency Prices Impact on the NFT Market
Cryptocurrency prices, especially Bitcoin and Ethereum, significantly influence NFT sales volumes. An increase in cryptocurrency prices usually leads to a rise in active NFT sales. However, the current situation shows negative trends in this relationship.
Top NFT Sales This Week
This week’s top-selling NFT collections include:
1. Courtyard NFT Collection - $14.9 million 2. CryptoPunks NFT Collection - $7 million 3. DKTNFT NFT Collection - $4.1 million 4. DMarket NFT Collection - $4 million 5. Panini America NFT Collection - $3 million.
The NFT market continues to adapt to changes in the cryptocurrency environment. It is projected that by 2025, the NFT market will grow to $49 billion, despite current downturns.
